06/07/2012 Live Update

[Al_Dente]

another one buy the dip spot, one failed so far today. lets see how this one goes.

fat lady singin' bubba i can hear her
girlfriend (the evil one) awakens
ooooooooooooooo

15min to to tick tock tick tock......

http://www.youtube.com/watch?v=J1juG9Y8SEY

[TraderJoe]

MrMiyagi, 1 out of 4 is not bad on your p bars
Correction, this makes yesterday correct also!!!

[jarbo456]

Call me crazy but just bought back a TINY BIT of DUST to go along with small position in TZA.

i may be crazy too, but i bought a good number of protective puts at 3pm, and am happy about it...for now. i'll be holding, looking for a retest of 128'ish. if we manage to pop higher tomorrow, i may close them down.

[Cobra]

Cobra - is the 7 day rule in play?

unlikely if red today, it's way too ugly on the daily chart.

[BullBear52x]

Thanks Cobra and everyone, GLTA

TA Note: disappointment in bulls is DA WORD, good looking for seller, da counter trend master, but don't forget the safety goggle and a hard hat.

[Al_Dente]

THANK U COBRA AND ALL BOARDITES
peace all

[Cobra]

100% MM target left. the 2nd target is not very reasonable so I won't count.

[Al_Dente]

clark
gotcha
thanks bud, GL
ps:

[Cobra]

so far I'm not calling very bad today, right? Except the day before yesterday. If you like my comments, please vote for me, thanks:

http://stockcharts.com/public/1684859/tenpp

[sgregs]

Cobra - is the 7 day rule in play?

unlikely if red today, it's way too ugly on the daily chart.

just curious - seen this monetary morphine approach way too many times!

[TraderJoe]

Right!!!

[jarbo456]

personal read is that we head lower for the next few days (always potential to be surprised to the upside - afterall, this is a buyers' market). AUD/JPY made a minimal recovery to the 38% retrace of the recent move down, and has broken the up trend line on a relatively shorter "hourly" time frame while painting a shooting star on the daily with the 38 fib touch. EUR/USD looks even worse, looking like a small bear flag. /CL has been a modest leader in the drop off had made a full reversal today with just barely a bearish engulfing daily candle, while also carving out a small bearish flag.

nasdaq has been weaker all afternoon, with GOOG leading an intraday reversal - pop and fade. it's been fairly accurate in leading things lower of late as well.

[Cobra]

well, guess that's it for today. not sure about tomorrow, the SPY daily chart is ugly. On a little bit longer term than tomorrow, what I said about legs in the last night's market outlook still is valid. there're always some exceptions but it's not in me to tell you that this time is different, so I'll have to always stand on the NORMAL higher odds side. Thank you guys, I'll see you tomorrow.

[MrMiyagi]

Jeesh.. what a day...

[OverUnder]

But if you say the same thing in your tonight's report for subscribers, then it still counts, right? That's what I thought somebody was complaining about.

new target. not enough time for today. and please do remember everything I say here would be invalid when the closing bell rings.

[Mr. BachNut]

Anyone like USO? Relative to SPY, it's extremely beat up

I have been short USO for a few weeks.
It is due for a rally.

Larry Kudlow said that we have 200 years of technically recoverable oil, thanks in part to fracking. If Obama weren't standing in the way, we wouldn't need Saudi Arabia or the Middle East.

Break

I placed bets on a gap down ... That means we gap up.

Fracking oil could be huge. Look at what it did to the natural gas market. It is a reason to be very bullish on the economy down the road. A ways down the road that is...

[Petsamo]

Anyone like USO? Relative to SPY, it's extremely beat up

I have been short USO for a few weeks.
It is due for a rally.

Larry Kudlow said that we have 200 years of technically recoverable oil, thanks in part to fracking. If Obama weren't standing in the way, we wouldn't need Saudi Arabia or the Middle East.

Break

I placed bets on a gap down ... That means we gap up.

Fracking oil could be huge. Look at what it did to the natural gas market. It is a reason to be very bullish on the economy down the road. A ways down the road that is...

Not if Obama gets re-elected

[gappy]

Anyone like USO? Relative to SPY, it's extremely beat up

I have been short USO for a few weeks.
It is due for a rally.

Larry Kudlow said that we have 200 years of technically recoverable oil, thanks in part to fracking. If Obama weren't standing in the way, we wouldn't need Saudi Arabia or the Middle East.

Break

I placed bets on a gap down ... That means we gap up.

Fracking oil could be huge. Look at what it did to the natural gas market. It is a reason to be very bullish on the economy down the road. A ways down the road that is...

Permian Basin rig count skyrocketed a couple of years ago, fracking being used on old wells for renewed production.

[OverUnder]

I really don't think it's "Obama" that is the only problem with fracking. I've heard reports of earthquakes from someone who lived near it. It's silly to make Obama be the bad guy in trying to be careful with this. We can't just grab whatever we want out of the Earth however we feel like doing it, because it would make us "prosperous". How about finding a better way to get at the oil. We could probably manage that in a few years.

Environmental impact

New York State Assembly members Robert Castelli and Steve Katz call for a moratorium on hydraulic fracturing in the Croton Watershed in October 2010.
Main articles: Environmental impact of hydraulic fracturing and Environmental impact of hydraulic fracturing in the United States

Hydraulic fracturing has raised environmental concerns and is challenging the adequacy of existing regulatory regimes.[47] These concerns have included ground water contamination, risks to air quality, migration of gases and hydraulic fracturing chemicals to the surface, mishandling of waste, and the health effects of all these.[5][40][33]

A University of Texas study listed water contamination and consumption, blowouts, explosions, spill management, atmospheric emissions, and health effects as associated problems.[14] The UT study described the environmental impact of each part of the hydraulic fracturing process, which included:[48][49]
Drill pad construction and operation
Construction, integrity, and performance of the wellbores
Injection of the fluid once it is underground (which proponents consider the actual "fracking")
Flowback of the fluid back towards the surface
Blowouts, often unreported, which spew hydraulic fracturing fluid and other byproducts across surrounding area
Integrity of other pipelines involved
Disposal of the flowback, including waste water and other waste products

All but the injection stage were reported to be sources of contamination

[snakehead]

How bearish is "Bearish Cloud Cover" ?

(Not to mention the fact that there is a huge gap to fill.... )